Aadhaar a big boost for financial services firms: Capital First

"The penetration of Aadhaar coupled with the use of AI has created a system where it is now possible to evaluate a customer within seconds and give him or her a loan."ET Bureau | August 21, 2017, 09:48 IST

The Narendra Modi-led government is having substantial impact on startups, particularly with Aadhaar boosting growth for financial services companies, Capital First chairman V Vaidyanathan said in closing remarks at The Economic Times Startup Awards on Friday.

“The penetration of Aadhaar among the country's population coupled with the use of artificial intelligence has created a system where it is now possible to evaluate a customer within seconds and give him or her a loan,“ he said. “This has been a major factor in driving the quick growth of organisations like ours.“

Capital First is a non-banking financial institution that specialises in providing debt financing to small and medium entrepreneurs.

India has firmly stepped up to the plate for the startup revolution, Vaidyanathan said, adding that factors such as ease for doing business, quality of labour, technology-readiness, availability of venture capital, and quality of life are differentiating factors for cities seeking to project themselves as startup-friendly.